Talks of our country falling deeper into the recession grow louder each day. I personally never thought we were out of it. I was just not seeing the changes and the availability of resources that were needed to help stimulate business growth. In this uncertain economic climate, we as small business owners are all faced with the challenge of maintaining the viability of our companies. I’m often asked, “What are some of the key components to ensure business continuity in this market?”
· Attitude: Start by simply refusing to participate in all the negative dialogue, it’s impossible to feel good when you’re having negative thoughts. Instead, begin to see your company in a more positive light, see it reaching its potential, concentrate on abundance and plenty. You’ll love the results.
· Game plan: You need to have a well thought out game plan. Develop a strategy that is not only do-able but makes sense. Shelve the play of the day mentality; it never works.
· Undercapitalization: The number one reason for business failure is the lack of capital and financial resources. Take the time to do a thorough financial analysis, find out where you really stand. Then begin to build a plan for reaching and maintaining financial stability. Never hurts to spend a little time with your banker and C.P.A.
· Effective Sales Initiatives: Is your sales force doing all the things they need to be doing? Do they have a clear understanding as to the critical role they play in ensuring the companies success? Until someone sells something, there’s not much for anyone else to do. Sales is the fuel that drives the company.
· Differentials: Being able to understand your weaknesses and leverage your strengths is one of the keys components in separating yourself from your competition. Value positioning your company by discovery your unknown strengths.
The key for any aspiring small business is to have a clear vision and a game plan that reflects that vision. We need a spirited and competitive attitude that embraces all that is right about our opportunistic free enterprise system.
Mike Levi is C.E.O. of Levi Inc. a 19 year old business advisory firm that is in the business of building and implementing sales and growth strategies for emerging businesses.
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